Canadians are uncertain as to how much money they’ll need for a comfortable retirement, and are not confident they’ll meet their retirement goals, a recent survey by BMO Financial Group found.

The survey of more than 1,500 adults, conducted by Leger Marketing in early January, found that one-third had no Registered Retirement Savings Plan investments. Of those who do, a hefty 80% are not confident that their RRSP investments will provide enough for their retirement. Nearly half of respondents said they do not feel they contribute enough to their RRSPs to meet their retirement goals.

“A lot has changed over the last year and Canadians may not be feeling very confident,” said Tina Di Vito, director of retirement strategies at BMO Financial Group. “It’s a good time for investors to re-evaluate how much volatility they can live with.”

Di Vito encourages Canadians to start contributing as early and consistently as possible, and to develop a retirement plan with a specific schedule to help them stay on track with savings.

In terms of the amount they’ll need for a comfortable retirement, one-in-four respondents said they simply do not know. More than half estimate that they will need to accumulate at least $550,000 to achieve their goal.

“There is no magic, one-size-fits-all number,” Di Vito said, explaining that the amount a retiree will need depends on their personal circumstances and the kind of retirement lifestyle they want.

The survey shows that most Canadians appreciate the importance of contributing regularly to an RRSP. More than half of respondents said they believe successful investors contribute to their plans either annually or monthly. But in reality, only 37% say they make regular contributions to their RRSP, and one-third do not contribute at all.

“The fact that so many Canadians have no money in RRSPs is troubling,” Di Vito said. “Fewer employers are providing pension programs and people cannot count on the Canada Pension Plan to meet all their financial needs in retirement. It’s essential that Canadians start contributing to a plan on a regular basis at the earliest possible age.”